Nsidibe Akpan
The Managing Director of Akwa Savings and Loans, Mr. Bassey Ebong, has denied allegations of fraud and mismanagement of funds earlier raised by the National Union of Banks, Insurance Financial Institution of Employees (NUBIFIE) on Monday, August 26, 2019.
Reacting to the allegations made by the union, Mr Ebong, who spoke with our reporter on phone concerning the event, denied that the bank management was given N3billion as widely speculated.
Ebong revealed that the bank is making in-roads in property investment and strengthening its long standing mortgage services as such the future holds great potentials.
This call came following the picketing of the headquarters of Akwa Savings and Loans Limited by the National Union of Banks, Insurance Financial Institution of Employees (NUBIFIE) on Monday, August 26, 2019.
The Union staged a protest, decrying non-payment of salaries and allowances of two years to staff of the bank by the management.
He stated that government simply repaid a debt it owed Akwa Savings N1.5 billion in 2014. He disclosed further that government repaid N500million in 2017 and later balanced with N1billion, making it N1.5billion without interest.
Ebong lamented that the major challenge facing the bank is its recalcitrant debtors, majority of whom are top politicians in the state, who have refused to repay loans they collected from the bank for several years which the bank had been exposed and run as a pseudo ministry.
“We had so much exposure; the bank was run as a ministry, an arm of a ministry. It was not run as a bank”.
While not denying the fact that staff are being owed, Ebong noted that “the truth of the matter is that the bank is still undergoing restructuring and repositioning as a result some salaries and allowances could not be paid.
Ebong further revealed that as a limited liability company, the bank does not draw salary from government to pay its staff as such is not expected to run to government for bailout to pay salaries and allowances.
He was however optimistic that Akwa Savings will bounce back with its many innovative mortgage services including the recent acquisition of land in Mbiokporo – Nsit Ibom Local Government Area, for the construction of housing estate for civil servants.
“Government has put in so much into the bank and new investors are coming in, so we implore our staff to exercise a little patience.
He empathized with the staff, but appealed to them to exercise restraint as everything will be done to alleviate their suffering.
